Swift Solar's latest financing round showcases growing support for perovskite technology and diversification of the solar market

March 02, 2021 | Case Study

Swift Solar closed an $8 million Series Seed 2 funding round in December 2020. This funding round follows up on a previous $7 million investment from Safar Partners in 2018, and it is expected to be completed by an additional $1.5 million investment in early 2021 – which brings the total funding raised by the company to about $26 million. With the exception of Oxford PV, this is the largest funding amount raised by a perovskite startup since the technology started to gain traction in 2013.

In this second investment, Swift Solar received support from not only Safar Partners but also angel investors and two additional funds: Good Growth Capital (GGC) and Climate Capital. The first has invested around $60 million in a wide range of startups, including oil and gas company Eden GeoTech, since 2017. For Climate Capital (around $7.5 million invested since 2019), this funding round follows up on previous investments in energy-related companies like Raptor Maps and Drift. Lastly, Safar Partners is the most prominent investor out of the three, with approximately $190 million invested in startups since 2017, including in Ubiquitous Energy, a developer of semitransparent solar modules.